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作者：Hintermaier, Thomas; Koeniger, Winfried
作者单位：University of Bonn; University of St Gallen
摘要：This paper investigates the economic relevance of the large differences in homestead exemptions across US states. We build a structural model for an equilibrium analysis of debt-portfolio choices over the life cycle. Our analysis captures key patterns from the observed cross-sectional distributions of secured debt, unsecured debt, and of home equity. The model predicts that harmonizing the amount of home equity exempt in bankruptcy procedures has quantitatively negligible effects on the intere...
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作者：Eden, Maya
作者单位：The World Bank
摘要：This paper highlights a pecuniary externality that results in excessive financing costs. Firms borrow to finance purchases of an inelastically supplied input, bidding up its price. Since higher input prices necessitate more debt obligations, this leads to an increase in intermediation costs. A quantitative interpretation of the model suggests that it is optimal to tax financial intermediation by increasing the borrowing rate by 3 percentage points.
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作者：Carlstrom, Charles T.; Fuerst, Timothy S.; Paustian, Matthias
作者单位：Federal Reserve System - USA; Federal Reserve Bank - Cleveland; University of Notre Dame; Federal Reserve System - USA; Federal Reserve System Board of Governors
摘要：This paper derives the optimal lending contract in the financial accelerator model of Bernanke, Gertler, and Gilchrist (1999), henceforth, BGG. The optimal contract includes indexation to the aggregate return on capital, household consumption, and the return to internal funds. This triple indexation results in a dampening of fluctuations in leverage and the risk premium. Hence, compared with the contract originally imposed by BGG, the privately optimal contract implies essentially no financial...
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作者：Phelan, Gregory
作者单位：Williams College
摘要：This paper investigates how financial sector leverage affects macroeconomic instability and welfare. In the model, banks borrow ( use leverage) to allocate resources to productive projects and provide liquidity. When banks do not actively issue new equity, aggregate outcomes depend on the level of equity in the financial sector. Equilibrium is inefficient because agents do not internalize how their decisions affect volatility, aggregate leverage, and the returns on assets. Leverage creates sys...
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作者：Clementi, Gian Luca; Palazzo, Berardino
作者单位：New York University; National Bureau of Economic Research; Boston University
摘要：Firm entry and exit amplify and propagate the effects of aggregate shocks, leading to greater persistence and unconditional variation of aggregate quantities. Following a positive aggregate shock, entry rises. As in the data, entrants are small and their initial impact on aggregate dynamics is negligible. However, as the common productivity component reverts to its unconditional mean, the youngsters that survive grow larger, generating a wider and longer expansion than in a scenario without en...
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作者：Alder, Simeon D.
作者单位：University of Notre Dame
摘要：I explore mismatch between firms and their managers as a source of variation in aggregate output and total factor productivity (TFP). The model is calibrated to match observations on the size distribution of US manufacturing firms, managerial compensation, and aggregate moments in the national accounts. Quantitatively, small deviations from assortative matching can have sizeable effects on output and TFP. Cronyism, where managerial positions are allocated by status rather than talent, imposes ...
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作者：Greenwood, Jeremy; Guner, Nezih; Kocharkov, Georgi; Santos, Cezar
作者单位：University of Pennsylvania; Autonomous University of Barcelona; ICREA; Autonomous University of Barcelona; University of Konstanz
摘要：Marriage has declined since 1960, with the drop being more significant for noncollege-educated individuals versus college-educated ones. Divorce has increased, more so for the noncollege-educated. Additionally, positive assortative mating has risen. Income inequality among households has also widened. A unified model of marriage, divorce, educational attainment, and married female labor-force participation is developed and estimated to fit the postwar US data. Two underlying driving forces are...
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作者：Leukhina, Oksana M.; Turnovsky, Stephen J.
作者单位：University of Washington; University of Washington Seattle
摘要：The English structural transformation from farming to manufacturing was accompanied by rapid technological change, expansion of trade, and massive population growth. While the roles of technology and trade in this process have been investigated, the literature has largely ignored the role of population growth. We examine population size effects on various aspects of structural development, characterizing their explicit dependence on preference-side and production-side characteristics of the ec...
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作者：Decker, Ryan A.; D'Erasmo, Pablo N.; Boedo, Hernan Moscoso
作者单位：Federal Reserve System - USA; Federal Reserve System - USA; Federal Reserve Bank - Philadelphia; University System of Ohio; University of Cincinnati
摘要：We propose a theory of endogenous firm-level risk over the business cycle based on endogenous market exposure. Firms that reach a larger number of markets diversify market-specific demand shocks at a cost. The model is driven only by total factor productivity shocks and captures the observed countercyclity of firm-level risk. Using a panel of US firms we show that, consistent with our theoretical model, measures of market reach are procyclical, and the counter-cyclicality of firm-level risk is...
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作者：Fostel, Ana; Geanakoplos, John
作者单位：University of Virginia; Yale University; The Santa Fe Institute
摘要：Financial innovations that change how promises are collateralized affect prices and investment, even in the absence of any change in fundamentals. In C-models, the ability to leverage an asset always generates overinvestment compared to Arrow-Debreu. Credit Default Swaps always leads to underinvestment with respect to Arrow-Debreu, and in some cases even robustly destroy competitive equilibrium. The need for collateral would seem to cause underinvestment. Our analysis illustrates a countervail...
